Pine Labs acquires Qwikcilver for $110 millionn

Mumbai: Singapore-based merchant platform company Pine Labs on Friday said it has acquired gift solution company, Qwikcilver for $110 million.

Last month the company had signed a definitive agreement to acquire Qwikcilver.

"We have acquired Qwikcilver for $110 million, funded via internal cash reserves and with additional funding from existing investors," a company statement said.

The company is backed by Sequoia India, PayPal, Temasek, Actis Capital, Altimeter Capital, Madison India Capital and Sofina.

Qwikcilver is a gift card service provider, managing an annualised gross transaction value of $1.5 billion across India, Middle East and South East Asia.